We’ve begun to see a disturbing trend in professional services as organizations respond to the economic impact of the coronavirus. Faced with an uncertain future and looking to cut costs wherever possible, some firms are trimming their marketing departments as a way to reduce expenses. We are aware of at least one Am Law 200 […]
If you’re waiting for potential clients to voice a need right now, you may be waiting a while. And they’ll be losing out in the meantime. Even under the best of circumstances, clients are often shortsighted or mistaken about what is in their self-interest. As a professional, you are likely more attuned to the consequences […]
The decisions made by human beings are subject to numerous logical flaws and idiosyncrasies. Unfortunately, COVID-19 and our individual and collective responses to it require us to make prudent decisions despite our flawed reasoning. There is a lot of research showing that we tend to underestimate risks associated with low-probability but catastrophic events. For example, humans […]
The rapid expansion of law likely to follow the COVID-19 crisis presents a unique opportunity for smaller firms and solo practitioners to get involved in lobbying efforts. While larger and more established firms have a head start when it comes to decades-old regulations, the establishment of new legislative schemes provides a chance for even footing. […]
In the hustle of your daily work, it’s far too easy to let important networking activities fall by the wayside. It’s even easier to ignore key networking responsibilities when you are isolated at home and justifiably preoccupied with health concerns, family care, and the general state of affairs. But now more than ever, it is […]
If you’re part of a compensation system that rewards you for forming client relationships more so than for doing the actual work of the law, you may find yourself as the originating partner on a case that doesn’t fit your personal expertise. While you may not be qualified to handle the matter itself, there are […]
The increased importance of succession planning that preceded the onset of coronavirus may only ramp up as a result of the pandemic. The difficulties of running a law firm or other professional services company remotely may be the straw that breaks the camel’s back for some practitioners nearing retirement. And as many practice areas experience […]
In our last post, we advised firms against letting go of personnel as a first resort in this time of crisis. That was published before the Small Business Administration launched its Payroll Protection Program, which provides significant financial incentives to keep people on the payroll through the end of June. We continue to advise most […]
The present situation is bringing a few harsh realities to light. One is that the biggest threat to law firm survival is running out of cash. And the biggest expense that law firms and pretty much all professional service companies face is the cost of their people. It is therefore imperative that law firm leaders […]
As we have previously reported (see posts here and here), a task force assembled by the State Bar of California has encountered significant pushback from the legal community. The Task Force on Access Through Innovation of Legal Services (ATILS) was created to address issues of access to justice in the state. Charged with “identifying possible regulatory changes to […]